SG Morning Call | STI Opens 0.13% Lower; AEM SGD Up Over 3%; UMS Gains About 1.6%, Singtel Rises About 0.6%

Market Snapshot

Singapore stocks opened mixed on Tuesday, with the STI down slightly by 0.13%; AEM SGD up over 3%; UMS up about 1.6%, Singtel rose 0.6%; DBS fell 0.8%, OCBC Bank fell 0.5%, UOL fell nearly 1%.

Stocks in Focus

NetLink NBN Trust (SGX: CJLU), or NetLink

NetLink owns the backbone of Singapore’s broadband – the passive fibre network infrastructure that keeps the nation online.

In FY2026, NetLink’s revenue rose 1.6% to S$413.4 million.

The distribution per unit (DPU) nudged up by 1.1%, reaching S$0.0542.

With each unit currently trading at S$0.97, you’re looking at a dividend yield of about 5.6%.

So, why hasn’t this stock taken off?

NetLink isn’t in the business of explosive tech growth. Even though it’s central to Singapore’s digital foundation, it’s more of a stable workhorse than a rocket ship.

Rising operating costs also weighed on EBITDA and profit after tax in FY2026.

Still, its core fibre business remains resilient, supported by the essential nature of broadband connectivity and its regulated business model.

Net cash generated from operating activities remained strong at S$258.8 million in FY2026.

For income investors, the appeal is simple: predictable cash flow, a healthy yield, and a business that quietly supports Singapore’s digital backbone.

OCBC Ltd (SGX: O39)

OCBC is one of Singapore’s three major banks, covering everything from consumer and corporate banking to wealth management and insurance.

In the first quarter of 2026 (1Q2026), the bank pulled in a net profit of S$1.97 billion, which is up 5% compared to last year.

However, lower interest rates took a bite out of net interest income, slipping 5% year on year (YoY) to S$2.22 billion. 

Still, OCBC’s fundamentals remain strong.

Its non-performing loan ratio held steady at 0.9%. 

OCBC’s capital strength looks robust too, with a Common Equity Tier 1 (CET1) ratio at 17.0%.

For FY2025, OCBC paid total dividends of S$0.99 per share, including a special dividend.

With shares trading at S$24.82 as of 29 June 2026, that’s a dividend yield of about 4%.

OCBC stands out with its strong capital, expanding wealth management business, and steady shareholder returns.

SG Local News

Singapore private housing is ‘decoupling’ from HDB market as buyer pools diverge: NUS survey

A structural divide may be emerging between Singapore’s public and private housing markets, as widening affordability gaps and policy measures increasingly shape buying dynamics.

In a survey by the National University of Singapore’s (NUS) Institute of Real Estate and Urban Studies (Ireus), 31 per cent of respondents said they expect the private market to eventually become “structurally decoupled” from the Housing & Development Board (HDB) market, driven by “distinct buyer profiles with differing capacities and capital outlays”. 

SIA inks joint venture pact with Air China to enhance route coordination, revenue sharing

Singapore Airlines and Air China on Monday (Jun 29) inked a pact to establish a joint venture (JV), to “deepen their collaboration and offer customers more travel options”.

The memorandum of understanding (MOU) between the two airlines was signed in Beijing by SIA CEO Goh Choon Phong and Air China president Qu Guangji.

In a joint statement, the carriers said that they “plan to coordinate flight schedules, explore joint fare products, and pursue joint marketing and revenue-sharing arrangements”, adding that these initiatives are subject to regulatory approvals.

JPMorgan adds Singapore dollar to blockchain network for 24/7 corporate payments

JPMorgan Chase’s blockchain unit is adding the Singapore dollar to its global deposit network as the bank expands its tokenised deposit efforts.

Tokenised deposits are digital coins that represent traditional bank money on a blockchain. They differ from stablecoins in that they are issued by regulated commercial banks, instead of private companies.

JPMorgan’s digital payments unit, Kinexys, will now allow financial institutions and multinational corporations to execute 24/7 on-chain foreign exchange between the Singdollar and six other major currencies, including the US dollar and the euro.